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of <h1>Banks to Seek RBI Approval for Swap Cancellation on Early FCNR(B) Deposit Withdrawals; Threshold Set by RBI</h1> Banks must approach the Reserve Bank of India (RBI) for the cancellation of a swap if the underlying Foreign Currency Non-Resident (Bank) [FCNR (B)] deposit is prematurely withdrawn. To facilitate operational efficiency and mutual convenience, the cancellation process may occur once a predetermined threshold of prematurely withdrawn deposits is reached. This threshold amount is determined by the RBI and communicated to the bank when it seeks swap cancellation.
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